The new financial year is set to begin on April 1. Major credit card issuers in India like the State Bank Of India (SBI), ICICI Bank and Axis Bank are bringing significant modifications to their policies, especially reward points and lounge access benefits. India’s largest bank, SBI has changed its credit card reward point policy. Reward points on fare payments for a series of credit cards offered by the bank will stop from the first day of the new business year i.e. April 1. These cards include AURUM, SBI Card Elite and SimplyClick SBI Card.
ICICI Bank: Lounge Access New Rule
ICICI Bank has changed the rules for complimentary airport lounge access. In the quarter starting from April 1, the user will become eligible for complimentary airport lounge access for the following quarter only after spending the threshold of Rs 35,000. The new rules will apply to various ICICI Bank credit cards including Coral Credit Card and MakeMyTrip ICICI Bank Platinum Credit Card.
Yes Bank: Domestic Lounge Access
Yes Bank has also changed its policy of providing domestic lounge access benefits from the new financial year. All credit card customers will have to spend a minimum of Rs 10,000 in the current quarter to get lounge access in the upcoming quarter.
Axis Bank: Reward Earning and Lounge Access
Axis Bank has changed the rules related to reward earnings and lounge access of its Magnus Credit Card. The exemption in the annual fee of the Magnus Card has now been abolished. As per new rules, the reward points will no longer be available for spending on insurance, gold and fuel categories. Not only this, the bank will also make changes in the lounge access program of domestic airports. Under this, customers will have to spend a minimum of Rs 50,000 in the last three months. These new regulations will come into effect from April 20. The number of complimentary guest visits for both domestic and international lounges will also be reduced from 8 to 4 per calendar year.
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